Vnesheconombank’s Supervisory Board Regular Meeting Held

27 july 2009 года
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Russian Prime Minister v. V Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board
v. V Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

In the last months VEB has been playing and now continues to play an important role of the Government’s agent for implementing crisis management measures. There are issues related to this activity on our current meeting’s agenda. Our proposal is to extend a subordinated loan worth 75 billion rubles to Gazprom.

And Gazprom in its turn is to undertake to extend loans for the said amount to real economy enterprises and at acceptable interest rate as we agreed earlier, that is, the Central Bank’s refinancing rate plus 3%.

This is not a one-time obligation and Gazprom and other subordinated loan recipient banks must support financing amounts agreed upon earlier within a whole period of state support.

I’d like to say it once more that while Vnesheconombank is actively involved in implementing an anti-crisis program, its core function is not to address the current problems but to boost the country’s long-term development and the implementation of major capital-intensive investment projects.

You know that some time ago I signed an order for contributing another 100 billion rubles to VEB’s charter capital for these purposes. And today we are to consider several new projects. Here I mean the construction of an electric power plant in Western Siberia and a new cement factory in the Penza region.

I’d like to ask you to finalize the issue associated with building an auto assembly enterprise in the Primorski region in Vladivostok. We talked many times that a transfer of auto production to our country’s territory should become a real alternative to auto import, especially to the import of second -hand cars.

They have been implementing this plan quite successfully in the European part of Russia. In the last years, several major auto plants have been opened and thousands of new effective jobs have been created here. Almost all major auto makers have come to Russia. Now Far East’s turn has come where there are favorable conditions for launching modern auto production.

And lastly, we intend to earmark 10 billion rubles for financing small and medium-sized enterprises. This sum is to be contributed to a specialized bank’s charter capital; this bank is incorporated in VEB’s Group. As the experience showed, its programs are in high demand in the regions. Here I mean the Russian Development Bank.

Let’s get started with our work.
Origin: Internet-Portal of the Government of the Russian Federation

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On Payments on Eurobonds

23 july 2009 года
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In accordance with the terms of issuing eurobonds and on the Russian Finance Ministry’s instructions, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ made a payment in the total amount of 190 651 890 US dollars to pay interest on the 1998 eurobonds.

The funds were transferred to Citibank N.A., London Office.

Eurobonds were issued for an amount 3 466 398 000 US dollars for a period of 20 years, with coupons to be paid twice a year.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru 

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On Signing a Credit Agreement between Vnesheconombank and CJSC CHEK-SU.VK

23 july 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Closed Joint Stock Company CHEK-SU.VK entered into an Agreement on Opening a Credit Line.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member – Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of CJSC CHEK-SU.VK – by its General Director Alexei Suvorov.

Under the Agreement, funds to be made available by Vnesheconombank are intended for financing a project aimed at building a mining and smelting complex to mine and enrich manganese ore and manufacture ferroalloys as well as at developing the Usinsk manganese ores deposits (the Kemerovo region) and building a ferroalloy factory (the city of Krasnoyarsk). The project’s total value is estimated at 22 billion rubles.

The project provides for building:

  • mining-enrichment integrated works facilities in the vicinity of the Usinsk deposits (two mines, an enrichment factory, facilities of internal production and social infrastructure);
  • facilities of external infrastructure in the Republic of Khakasia ( a tote road, power transmission lines and a transshipment terminal);
  • a number of smelting production facilities in the city of Krasnoyarsk ( a smelting shop, a melting stock treatment shop, storage facilities, production infrastructure facilities).

 Completion of enrichment factory mines and commissioning of smelting production are scheduled for 2013, rated capacity of the mining-enrichment integrated works is to be reached in 2016.

The implementation of the project would contribute to import substitution of manganese alloys supplies to the Russian Federation and would create more than 2500 new jobs in the Kemerovo region, the Republic of Khakasia, the Krasnoyarsk Territory.

The project is included in the list “Main Investment Projects of Smelting Industry Enterprises Provided for by the Strategy for the Development of Russia’s Smelting Industry for a Period of up to the Year 2020 approved by the Russian Ministry of Industry and Trade.

This Agreement was made to build on the agreement signed earlier on cooperation between Vnesheconombank, the Council of the Krasnoyarsk Territory Administration and CJSC CHEK-SU.VK.

Closed Joint Stock Company CHEK-SU.VK was established in April 2002 in the city of Mezhdurechensk. CJSC CHEK-SU.VK is a mining and smelting company whose core activity is to mine manganese ores and produce manganese alloys (ferroalloys, ferromanganese, silicomanganese).

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in 2007 in accordance with the Federal Law “On the Bank for Development” on the basis of Vnesheconombank of the USSR. Smelting industry development is one of Vnesheconombank’s sectoral priorities.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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On Signing a Protocol of Cooperation between Vnesheconombank and the Russian Union of Industrialists and Entrepreneurs

21 july 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the All-Russian Nongovernment Organization “The Russian Union of Industrialists and Entrepreneurs” signed a Protocol of Cooperation.

On behalf of Vnesheconombank the Protocol was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of the Russian Union of Industrialists and Entrepreneurs – by Alexandr Shokhin.

This Protocol aims to establish strategic partnership and promote long-term effective and mutually beneficial cooperation in implementing investment projects aimed at overcoming economic growth infrastructure restrictions and encouraging innovations to make the Russian economy more competitive.

Under the Protocol the parties intend to agree upon their positions on expanding public private partnership (PPP) in the Russian Federation, carry out monitoring of investment projects in order to engage Russian and foreign investors in implementing them as well as work out schemes for financing investment projects on PPP principles.

The parties have agreed to sign an appropriate agreement specifying the main lines of cooperation and cooperation management.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Russian President Dmitry Medvedev Signs the Law that Provides for Banks to Obtain Subordinated Loans under the Scheme One to Three

20 july 2009 года
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Russian President Dmitry Medvedev signed the Federal Law “On Introducing Amendments to Federal Law dated October 13, 2008 № 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation”.

A text of the law signed on July 17 was posted on the official site of the Russian President.

 

Origin: Official Site of the Russian President

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